Bank of Maldives (BML) on Wednesday, 23rd November 2022, announced it will be imposing value ceilings for check transactions.
A statement from BML read the value ceiling will be introduced effective from 01st April 2023. The decision is aligned with Maldives Monetary Authority’s (MMA) strategic move to promote electronic payment options, and increase payment efficacy.
Moreover, the national bank of the country said it will only process checks up to the value of MVR50,000 or USD3,000 from the effective date. Customers will be required to opt for digital options provided by BML if the transaction values exceed the limit.
This limitation on check transactions will be applicable on individuals, businesses and corporates.